USteve Cohen kunye ne-SAC Capital baphantsi koqwalaselo njengenxalenye yophando oluphangaleleyo lokuthengisa ngaphakathi e-Wall Street yoluntu lwasehedge fund.UChris Li / Unsplash I-1998-2000 yayilixesha elinomdla kwimarike yestokhwe, enkosi kwizinto ezinje ngeengxaki zemali zaseAsia / Latin America, ukuwa koLawulo lweXesha eliKhulu, kunye nokuzonwabisa okungenangqondo kwimarike yaseNasdaq, kwalandelwa kwangoko yiyo nayiphi na into ephikisana naloo polar. Oko kukuthi, i-Nasdaq iyahamba umbungu.
Kwakulilixesha elinomdla kakhulu ukuba ndisebenze iinyawo ezine ukusuka kuSteven A. Cohen, kulapho ndihleli khona iminyaka emibini njengomrhwebi omncinci kwi-hedge fund yakhe, i-SAC Capital Advisors, eStamford, eConnecticut.
Ukusuka kuloo ndawo bendikuve uSteve eqhuba amawaka ezorhwebo, exoxa ngamakhulu eembono nabarhwebi be-SAC (abambalwa kwabo bendikunye nabo), kwaye bathetha iingxelo ezibonisa uburharha, ezinje nge, Ngaba kufuneka ndizithenge iiJets?
Ngexesha lam eliyiminyaka emine kwidesika ephambili yezorhwebo kwi-SAC, bendithathe inxaxheba kwiingxoxo ezininzi nabanye abarhwebi, abahlalutyi kunye nabaphathi beepotfoliyo, kwaye uninzi lweembono ebeziphumela ziye zadluliselwa kuSteve.
Ke ndinomdla omkhulu wokufunda le ncwadi intsha, Umnyama omnyama: Ulwazi lwangaphakathi, iMali eNgcolileyo, kunye nokuFunisisa ukuThoba eyona Ndoda ifunwayo eWall Street by ENew Yorker Umbhali wabasebenzi uSheelah Kolhatkar. Kuzo kukho iinkcukacha ezininzi kunye nemibala yendlela uCohen akhule ngayo, waqala umsebenzi wakhe wokuthengisa, kwaye kamva wasungula eyakhe eyaziwayo, namesake hedge fund. Utshatile, uqhawule umtshato waphinda watshata apha endleleni (ngokwekhosi eseWall Street- kwaye uSteve angayibeka ibhola yegalufa, naye). Emva koko, kwiminyaka eliqela eyadlulayo, waye waqwalaselwa njengenxalenye yophando oluphangaleleyo lokuthengisa ngaphakathi e-Wall Street yoluntu lwase hedge fund liSebe lezoBulungisa kunye neKhomishini yoKhuseleko noTshintshiselwano. Ekugqibeleni oku kukhokelele kwisibheno esinetyala yi-SAC, kunye no-Cohen ukuzihlawulisa ngokwakhe izityholo zembambano yokuba wasilela ekubekeni esweni abasebenzi bakhe.
Ngelixa ndingenakuthetha nantoni na eyenzekileyo emva kokuba ndiyishiyile i-SAC ngo-2002, inkcubeko eyayikhona ngela xesha ndandinokuzinikela okugqithisileyo nokusebenza nzima. USteve wabeka iinjongo eziphezulu kuye nakwabo babemsebenzela. Imakethi ngumama ongaxoleliyo. Ukuba kwicala lasekunene lalo lonke urhwebo akunakwenzeka, kwaye ngokuqinisekileyo i-SAC yayingakhuselekanga.
Ndikhumbula uSteve ekhwaza, ufuna ukuqhuma namhlanje? Ngelixa esenza unxibelelwano noogxa bakhe malunga nentengiso ethi, ngaphandle kwemizamo yakhe yokukhetha iindawo zokungena ezifanelekileyo, ibingeyonto kodwa ulwandle lubomvu olunzulu. Kodwa uSteve wadlala umdlalo owahlukileyo xa kufikwa ekukhuliseni okanye ekusongeleni, kwaye yile nto yayimenza ahluke. Wayeyazi ukuba nini, nokuba ingaba, ukwenza enye xa ithelekiswa nenye ingcono kunaye nawuphi na umrhwebi.
Ngaba bekukho uxinzelelo lokwenza i-SAC? Ewe. Akunakubakho njani xa umphathi wakho ehleli kwigumbi elinye nawe imini yonke, ebona into oyenzayo ngexesha lokwenyani, kwaye kwenzeka njalo nje ukuba abe ngumrhwebi ongacacanga kwindalo emhlabeni?
Kodwa into endiyiqapheleyo kuSteve ngexesha lam kwidesika ephambili kwi-SAC yayikukuziphatha kakuhle, nokungqongqo emsebenzini kunye nokuzinikela okungqongqo ekwenzeni izinto ngendlela elungileyo. Ngaphezulu kwesihlandlo esinye ndimvile ekhonkotha, yenza loo nto kwakhona, ugxothiwe, emntwini ebecinga ukuba uwele umgca. Kwaye ibikukuba uyakuthanda. Ngamanye amaxesha, bekungekho isilumkiso sokuqala-enye yokuziphatha okuhle kwaye uhambe.
Kwi Umda omnyama umbhali ubalisa ngendlela abaphandi abajongeka bekrokrela ngayo ixesha lezinto ezithile ezinkulu ezenziweyo nguSteve. Kwaye ngelixa iinyani ezijikelezileyo zinokubangela ukurhanelwa, ndiyakuqinisekisa ukuba xa kufikwa kuSteve Cohen, ukwenza imisebenzi emikhulu ngokukhawuleza kufana nokuphefumla uninzi lwabantu. Ndayibukela le ndoda yayihlala isenza amasheya amaninzi, ithengisa izigidi zezabelo ngexesha, ishiya igumbi lonke loomabhalane ababulawa bekhefuzela njengeqela le-Iditarod yesileyi yenja-konke ngaphambi kwe-10 kusasa.
USteve wayeyinkosi yokuthatha amanyathelo ngokukhawuleza nangokuzimisela, uqeqesho olubalulekileyo kurhwebo, ngakumbi xa kufikwa ekusebenzeni ngokulawula imeko enzima. Ukuba isikhundla asisebenzi kwaye awusiqondi isizathu, thengisa isiqingatha saso, wayedla ngokuthi-kwaye, ukuba kungekudala emva koko ayisebenzi, thengisa isiqingatha kwakhona, ngaloo ndlela unciphise isikhundla sakho ngama-75 eepesenti ubungakanani boqobo kunye nokusika ngokumangalisayo umngcipheko wesiphumo esibi kakhulu. Ukuba uke wathengisa isitokhwe, phakamisa isandla sakho ukuba olo hlobo lweengcebiso belungakongela imali.
Ewe kunjalo, i-crux Umda omnyama Ubila, kakuhle, umda omnyama, okt ulwazi olungeloluntu (MNPI), nokuba ngaba / kangakanani na abasebenzi be-SAC, ikakhulu abahlalutyi bamacandelo, bayizingela njengomdlalo wasendle, nokuba kungumnqweno wabo wokugqwesa kukhuphiswano ukuze bahlawulwe-kwaye bahlawulwe kakuhle-okanye ngokuyalelwa ngabaphathi babo beepotfoliyo, kubandakanya uSteve ngokwakhe.
Amaxesha aliqela kuyo yonke le ncwadi umbhali ubhekisa kuxinzelelo lwe-SAC ebekwe kubahlalutyi bayo ukuze beze nezimvo zokuthengisa kunye nokuqinisekisa ukuba ezona zimvo zabo ziqinisekileyo zigqithiselwe kuSteve, kodwa ngaphandle kweenkcukacha ezininzi zokumvala, umzekelo, ngokumane ubeke ezi zimvo kwinqanaba le-1 ukuya kwi-10. Nangona kunjalo, ukwazi ukuba urhweba njani uSteve-ubuncinci kule minyaka ndihleli phezu kwedesika — isikali esilula, esinenombolo enje nenombolo akufuneki isimangalise, kwaye ngokuqinisekileyo ayisiyonto imbi ebusweni bayo. USteve wayefuna ukwazi ukuba abantu bakhe bemi phi ukuze athathe amanyathelo ngokufanelekileyo. Ukuba ubuthanda umbono, ebengenile, kwaye ukuba awusathandi, ebephumile, rhoqo phambi kokuba ugqibile ukumxelela.
Intoni Umda omnyama ayivavanyi ngokwaneleyo, okanye konke konke, yinto enokwenzeka yokuba abahlalutyi be-SAC bangangcwaba i-MNPI ababeyifumene ngokufihlakeleyo kwaye bathembela kuyo ukuba bavakalise ukuqiniseka okuphezulu malunga nezorhwebo kunokuba kunjalo ngomsebenzi wabo obanzi, osemthethweni kunye nokwenza umzekelo. . Ngale ndlela, abahlalutyi banokubonakala bekrelekrele kakhulu xa inzuzo yokurhweba isiza kwaye, okona kubaluleke kakhulu kubo, ngexesha lebhonasi. Emva kwayo yonke loo nto, kutheni le nto umhlalutyi enokuxela ngokuzithandela ukuba izimvo zazisekwe kwi-MNPI engekho mthethweni hayi umsebenzi wakhe onzima?
Le ncwadi ikwaqaqambisa ukuba urhulumente wagqiba ukungamhlawulisi uCohen buqu ngokurhweba ngaphakathi, kuphela kukusilela ekubekeni iliso kubasebenzi bakhe, nto leyo eyaphazamisa abaphenyi kunye nabatshutshisi. Kodwa oku akumele kumangalise. Ukufika kwam kwi-SAC ngo-1998, amandla kaSteve okubeka esweni abasebenzi bakhe ayengagungqi. Sonke sahlala ngaphakathi kwendlebe-uphando, ulawulo lweepotifoliyo kunye norhwebo lwenziwa ikakhulu phambi kwakhe.
Ukundishiya kwam ngo-2002, nangona kunjalo, i-SAC yayiqesha abahlalutyi becandelo ababejikeleza umhlaba rhoqo, kunqabile ukuba baseofisini, kwaye kusenokwenzeka ukuba kwakunzima kuSteve ukukhetha uluhlu. Nokuba luphi uphando olwenziwa ngaba bahlalutyi lwalusenzeka ngokwabo kuhlobo lwamachibi amnyama, amaxesha ngamaxesha kwamanye amaxesha kumda wamazwe aphesheya. Zama ukongamela ukuba ngelixa uthengisa ngokobuqu ibhilidi yeedola ukusuka kwidesika ebandayo, enesithunzi e-Connecticut.
Ndisoloko nditsho ukuba umahluko omkhulu phakathi kukaSteve Cohen kunye nabanye abahleli egumbini kunye naye kukuba unokusika iifowuni kwaye ubulale amandla esakhiweni, gcina isitokhwe sakhe kunye nomatshini wakhe wokungena , Kwaye uSteve usaza kuphuma ephila ene p & l. Kodwa awunakukufundisa oko. Ukuba ebenakho, ngesele eqhubekile nokubhabha iswitshi ngokwakhe-ibizakugcina umda omnyama ngaphandle kwaye imsindise kakhulu.
U-Andrew D. Beresin ligqwetha elisebenza ngezokhuseleko, owayesakuba ngumrhwebi we hedge fund, kunye nomcebisi omkhulu nge UnderwoodFX. Umele iifemu zaseWall Street kunye nabantu ekuthobeleni, kunyanzeliso lokhuselo, nakwimicimbi yokucebisa ngomthetho, kwaye unikezela ngeenkonzo zobungcali kurhwebo oluluhlu. UBeresin wayengunobhala wenkundla yesithili kunye nomfundi ophumeleleyo kwiHarvard Law School.
